Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I do not understand why I cannot get part 4 of this correct, I took 782,025 + 6,159,800 - 1,752 - 3,185 - 858,711 which

I do not understand why I cannot get part 4 of this correct, I took 782,025 + 6,159,800 - 1,752 - 3,185 - 858,711 which gave me 6,078,176. The program is telling me this is wrong, so I am really unsure what I am overlooking here. Thanks!

Question is:

4.

Assuming that all sales are made on a credit basis, what is the amount of cash Symantec collected from customers during the 2009 fiscal year? (Enter your answer in thousands.)

Background info:

Symantec Corp., located in Cupertino, California, is one of the world's largest producers of security and systems management software. The company's consolidated balance sheets for the 2009 and 2008 fiscal years included the following ($ in thousands):

2009 2008
Current assets:
Receivables, less allowances of $21,301 in 2009 and $23,624 in 2008 $ 837,410 $ 758,400

A disclosure note accompanying the financial statements reported the following ($ in thousands):

Year Ended
2009 2008
(In thousands)
Trade accounts receivable, net:
Receivables $ 858,711 $ 782,024
Less: allowance for doubtful accounts (8,893) (8,945)
Less: reserve for product returns (12,408) (14,679)
Trade accounts receivable, net: $ 837,410 $ 758,400

Assume that the company reported bad debt expense in 2009 of $1,700 and had products returned for credit totaling $3,185 (sales price). Net sales for 2009 were $6,159,800 (all numbers in thousands).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Computer Accounting With QuickBooks 2021

Authors: Donna Kay

20th Edition

1264069197, 9781264069194

More Books

Students also viewed these Accounting questions